Magellan Midstream Partners, L.P. (MMP) Expected to Announce Quarterly Sales of $637.75 Million

Equities analysts expect Magellan Midstream Partners, L.P. (NYSE:MMP) to report sales of $637.75 million for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Magellan Midstream Partners’ earnings. The highest sales estimate is $679.50 million and the lowest is $599.40 million. Magellan Midstream Partners posted sales of $644.09 million in the same quarter last year, which suggests a negative year over year growth rate of 1%. The business is expected to issue its next quarterly earnings report on Thursday, August 1st.

According to Zacks, analysts expect that Magellan Midstream Partners will report full-year sales of $2.76 billion for the current fiscal year, with estimates ranging from $2.53 billion to $2.90 billion. For the next year, analysts expect that the firm will post sales of $2.91 billion, with estimates ranging from $2.67 billion to $3.07 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Magellan Midstream Partners.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.06. The business had revenue of $628.90 million for the quarter, compared to the consensus estimate of $692.56 million. Magellan Midstream Partners had a net margin of 47.92% and a return on equity of 38.97%. The company’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.05 EPS.

A number of analysts have recently weighed in on the stock. Citigroup set a $70.00 target price on shares of Magellan Midstream Partners and gave the stock a “buy” rating in a research report on Saturday, February 2nd. Jefferies Financial Group downgraded shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Monday, January 28th. Evercore ISI assumed coverage on shares of Magellan Midstream Partners in a research report on Tuesday, February 5th. They issued an “outperform” rating on the stock. LADENBURG THALM/SH SH set a $75.00 target price on shares of Magellan Midstream Partners and gave the stock a “buy” rating in a research report on Tuesday, March 26th. Finally, Wolfe Research downgraded shares of Magellan Midstream Partners to an “underperform” rating and set a $56.00 target price on the stock. in a research report on Friday, February 1st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Magellan Midstream Partners currently has an average rating of “Hold” and an average target price of $69.38.

In related news, insider Lisa J. Korner sold 6,958 shares of the stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $59.29, for a total transaction of $412,539.82. Following the sale, the insider now directly owns 74,517 shares of the company’s stock, valued at approximately $4,418,112.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert G. Croyle sold 2,119 shares of the stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $59.94, for a total transaction of $127,012.86. Following the sale, the director now directly owns 3,758 shares in the company, valued at $225,254.52. The disclosure for this sale can be found here. Insiders have sold a total of 43,696 shares of company stock worth $2,597,682 over the last three months. 0.26% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Golden State Wealth Management LLC bought a new position in Magellan Midstream Partners during the 1st quarter valued at about $27,000. Howe & Rusling Inc. lifted its stake in shares of Magellan Midstream Partners by 155.1% in the 4th quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 287 shares during the period. AdvisorNet Financial Inc lifted its stake in shares of Magellan Midstream Partners by 132.8% in the 4th quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 304 shares during the period. CWM LLC lifted its stake in shares of Magellan Midstream Partners by 103.7% in the 1st quarter. CWM LLC now owns 556 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 283 shares during the period. Finally, Massey Quick Simon & CO. LLC lifted its stake in shares of Magellan Midstream Partners by 308.6% in the 1st quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 66.81% of the company’s stock.

NYSE:MMP opened at $61.64 on Friday. The stock has a market capitalization of $14.08 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 2.56 and a beta of 0.85. The company has a current ratio of 0.70, a quick ratio of 0.39 and a debt-to-equity ratio of 1.69. Magellan Midstream Partners has a 1-year low of $54.25 and a 1-year high of $72.90.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th were given a dividend of $1.005 per share. This represents a $4.02 annualized dividend and a yield of 6.52%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Tuesday, May 7th. Magellan Midstream Partners’s dividend payout ratio is 94.59%.

About Magellan Midstream Partners

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates diesel fuel, kerosene, heating oil, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.

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